While I'm not totally for or against this I do agree with the direction.
I just think they have faster ways to get to a more diverse look for the game then this.

This system unless its really strict (which removes the point of it in some ways) could mean we have tanks in gear that well just dosnt look like it'd keep them alive in the rain, let alone against a huge mob with teeth as big as a Lala.
While a lot of people wont care long as they look col, i like a little immersion/reality effect in games.

Id prefer at least atm if they worked on adding colour options to the gear, giving us dye choices post/during production.
(Body/trim/main/subext. keeping it related to the rank/material/colour system for some parts they used up till now.)

Then add variations on each item:
- Dodoskin jerkin without the arms,
- Different style/shape to the front and shoulders on scale male,
- Variations on each type of weapon.
- Hi rank/class/+1,2,3 versions having a bit more decoration maybe..
(small ribbon's off the handle of a +3 sword and so on).